Buffett Nails the Problem, Then Praises the Perpetrators Warren Buffett’s 2024 letter to Berkshire Hathaway shareholders begins with encouraging signs of clarity. He warns that: “Paper money can see its value evaporate if fiscal folly prevails.” That’s true. And he deserves credit for stating it plainly. Buffett goes on to describe the beauty of capitalism: how individual savings, wisely deployed, generate real goods, real services, and real wealth. These remarks echo the spirit of the Austrian School—Mises, Rothbard, and others who understood that wealth creation flows from productive effort and deferred consumption, not the printing press. But Buffett's sharp insight into capitalism's mechanics is quickly followed by an endorsement of a system that punishes it. A Confused Defense of the…
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